In recent years leading figures in a variety of fields -
political, financial, medical, and organizational - have become
acutely aware of the need to effectively incorporate aspects of
risk into their decision-making. This book addresses a wide range
of contemporary issues in decision research, such as how
individuals deal with uncertainty and complexity, gender-based
differences in decision-making, what determines decision
performance and why people choose risky activities.
The book presents results from academic research carried out over
the last twenty years. A common theme is the study of decisions
made in horserace betting markets, a research medium which offers a
rich insight into decision-making in general and one which enjoys
particular methodological advantages over laboratory-based
simulations. This set of naturalistic studies explores the variety
of individual motivations for betting, how people perceive and
respond to the presence of uncertainty, the challenges of complex
and turbulent information and the use of heuristics as a response,
how decision-making performance is affected by structural or
process-related features of the decision environment, and how men
and women differ in their decision behaviour.
The authors interesting and novel findings offer a richer
understanding of the psychological and economic underpinnings of
betting behaviour which should inform practitioners, policymakers
and regulators in an industry which is undergoing unprecedented
global growth. The book is also relevant to courses covering
subject areas such as financial markets, decision-making and
behavioural finance.
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